Economic Opportunity for Distressed Communities Act

This bill changes the federal tax code to give special tax treatment to capital gains that are reinvested in projects on brownfield and Superfund sites. The goal is to drive money into cleaning up and rebuilding these distressed areas, described in the bill as “distressed opportunity zones”.

Key points:

• Who is affected: People and companies with capital gains, developers working on brownfield or Superfund sites, and communities around these sites.
• What changes: Creates a new tax rule (Section 1400Z–3) with special rules for capital gains invested in these “distressed opportunity zones” to encourage cleanup and redevelopment.